Doing Business in UAE - Accounting Services Firm in Dubai | … · · 2017-02-25Continuation.. “FromthebeginningofJanuary2017, andotherfinancialinstitutionstoask customers determiningwheretheyareresident

Doing Business Doing Business in UAE

Presented by:Presented by:

Alliott Management Consulting UAEAlliott Management Consulting UAE

Presented by:Presented by:

Alliott Management Consulting UAEAlliott Management Consulting UAE

UAE at Glance

The United Arab Emirates were bound by truce (Trucial States) to Great Britain until WWII.

The seven Emirates formed a federation in 1971 and have since worked closely together to build a stableeconomy and political climate.

UAE Seven Emirates : Abu Dhabi, Dubai, Ajman, Sharjah, Umm Al Quwain, Ras Al

Alliott Hadi Shahid | Alliott Management Consulting Copyright 2013

UAE Seven Emirates : Abu Dhabi, Dubai, Ajman, Sharjah, Umm Al Quwain, Ras Al

Khaimah, Fujairah

Alliott Management Consulting Copyright 2017

were bound by truce (Trucial States) to Great Britain until WWII.

The seven Emirates formed a federation in 1971 and have since worked closely together to

Abu Dhabi, Dubai, Ajman, Sharjah, Umm Al Quwain, Ras Al Abu Dhabi, Dubai, Ajman, Sharjah, Umm Al Quwain, Ras Al

Political

• Each Emirate has its own governmental institution.• The ruling family of each Emirate is a member of the Supreme Council, which is responsible for

policy-making and electing the president and vice president for five

Economic

• Wealth is based on oil and gas exports (Abu Dhabi)• The government increased spending for infrastructure and job creation, and there is a greater

opportunity for private sector investment.• Lately there has been a surge in real estate and shares prices and consumer inflation is elevated.

Social

• Islam plays a large role in business• Islam plays a large role in business• Women are seen as equals and are protected by rights and privileges laid down by Islam

Technological

• Telephones (land line and cell), radio broadcast stations, television, internet, social media

Legal

• Court proceedings in the UAE are time-consuming.• There are no juries; only a single judge or a three

cases.• All evidence submitted to the court must be in Arabic.

Environmental

• Arid/tropical, sandy desert, and coastal areas.


Each Emirate has its own governmental institution.The ruling family of each Emirate is a member of the Supreme Council, which is responsible for

making and electing the president and vice president for five-year terms.

Wealth is based on oil and gas exports (Abu Dhabi)The government increased spending for infrastructure and job creation, and there is a greater

Lately there has been a surge in real estate and shares prices and consumer inflation is elevated.

Women are seen as equals and are protected by rights and privileges laid down by Islam

Telephones (land line and cell), radio broadcast stations, television, internet, social media

consuming.There are no juries; only a single judge or a three-judge panel (depending on the case) hears

All evidence submitted to the court must be in Arabic.


Facts about the UAE

• Diversified economy – Over 71% of GDP

• Easy Business Set Up – 30+ freerequirement to set up a business

• Transportation Hub – Over 82 million internationalyear; largest seaport in the Middle Eastvolume of cargo grew at approximatelyvolume of cargo grew at approximatelycontains over 6,400 companies, includingGlobal 500

• New Development – UAE patent filings

• Investment in the future – Over 40% ofon health, education and social welfare


Sources: Arab Monetary Fund 2012; IATA 2011; Jafza; UAE Government; World Bank Doing Business Report 2012; IMD 2011;

World Economic Forum Global Competitiveness Report 2011-2012

GDP from non-oil industries

zones and no minimum capital

international airline passengers perEast; 7th largest in the world whose

10% last year; and its Free Zone10% last year; and its Free Zoneincluding more than 120 of the Fortune

grew by 18% in past 5 years

of the UAE 2011 budget was spent

Sources: Arab Monetary Fund 2012; IATA 2011; Jafza; UAE Government; World Bank Doing Business Report 2012; IMD 2011;

What the International Ranking Reports Say about the UAE

Dubai: The UAE continues to top the Arab world inForum’s

Global Competitiveness Report 2016-2017, an annualand prosperity in 138 countries:

• As an innovation-driven economy (rank, 3rd year consecutively)• Very strongly in control of international distribution (ranked• Very strongly in value chain breadth (ranked 18th of• Strongly in state of cluster development (ranked 23• Strongly in extent of marketing (ranked 24th of 142• Strongly in extent of marketing (ranked 24th of 142• Strongly in innovation and sophistication factors (ranked

Climbing one position from last year in the global ranking(18); and Saudi Arabia (29) were in the top 30 global

Qatar and Saudi Arabia slipped four positions each thisHis Highness Shaikh Mohammad Bin Rashid Al MaktoumUAE and Ruler of Dubai, expressed his satisfaction16th globally according to the Global CompetivenessForum.


What the International Ranking Reports Say about the UAE

in competitiveness, according the World Economic

annual assessment of the factors driving productivity

consecutively)(ranked 17th of 142 countries)

of 142 countries)23rd of 142 countries)

countries)countries)(ranked 27th of 142 countries)

ranking to 16th position, the UAE along with Qatarglobal ranking.

this year in the global ranking.Maktoum Vice President and Prime Minister of the

satisfaction that the UAE is ranked first regionally andCompetiveness Report 2016 released by the World Economic

Why Invest in the UAE?

Benefits:

• Political stability.• The ability to access regional and global markets, through a network

of agreements. Free Trade Agreements FTAs and BITs and bilateral investment agreements on preventing double Tax DTAs.

• Free transfer of profits and revenues and assets.• There is no monetary risk because of free transfer of profits and

revenues and assets.• There is no monetary risk because of the existence of laws to protect

foreign capital.foreign capital.• Lack of financial risks.• Stability in economic legislation.• Low customs tariffs between 0% and 5% for almost all goods.• There are no taxes on income.• Lifestyle.• Advanced infrastructure.• Freehold ownership by up to 100% in the free zones.


access regional and global markets, through a network of agreements. Free Trade Agreements FTAs and BITs and bilateral investment agreements on preventing double Tax DTAs.Free transfer of profits and revenues and assets.There is no monetary risk because of free transfer of profits and

There is no monetary risk because of the existence of laws to protect

Low customs tariffs between 0% and 5% for almost all goods.

Freehold ownership by up to 100% in the free zones.

Investment Opportunities

The United Arab Emirates is regarded as one of thefor direct foreign investment. In the harsh glareinvestment opportunities that the UAE offers aredue to the UAE's success in building a fully integratednecessary information and components, sucheffective economic policy based on economic diversificationin order to build a competitive knowledge-based economy

These characteristics allow the UAE to offer uniquerange of financial incentives to internationalenvironment will support the growth of the local economy

Each of the seven emirates possesses unique economicforeign investments in various sectors. Like the sevenstrengths of each of the seven emirates blend togetherfor international investments, and so each emirate



the best thirteen international destinationsglare of the world's economic difficulties, the

are becoming increasingly attractive. This isintegrated investment environment, offering all

as an advanced infrastructure and andiversification and an open market dynamic,

economy.

unique investment opportunities, with a wideinternational investors. This investment-friendly

economy.

economic features, and the ability to attractseven colors of the rainbow, the economictogether to form a common drawing factor

emirate represents a different color of success.

Areas of Investment:

• Auto industry• Energy and renewable energy• Aluminum industry• Pharmaceutical industries• Education and industry knowledge• Biological and life sciences• Aviation• Aviation• Petrochemical industry• Information and communication• Technology, financial services• Electronics and Engineering• Industrial Technology


Areas of Investment:

Energy and renewable energyAluminum industryPharmaceutical industriesEducation and industry knowledgeBiological and life sciences

Petrochemical industryInformation and communicationTechnology, financial servicesElectronics and EngineeringIndustrial Technology

Investment, either local or foreign, has come to be widelygrowth and development. It can bring capital, technology,markets. In comparison with other forms of capital flowscommitment to the host economy.

The UAE has an open economy with one of the world’sannual trade surplus. Although the UAE is just 40 yearsthrough vision and leadership, with recognized stability1973 we have undergone a profound transformation toThe UAE economy is considered to be among the Gulf’scredited for being the most diversified in the region.

Business Potential

As a GCC member nation, UAE have a highly developedsystem. With vast economic potential and sophisticatedfree zones, which combined, have supported the investmentconfidence in its economy.

UAE are blessed by our superb location for internationalthe other GCC Countries of Saudi Arabia , Qatar, Bahrain,environment, which built a global reputation in an unprecedentedglobal business thrives with visionary leadership and commercial

Alliott Hadi Shahid | Alliott Management Consulting Copyright 2016

widely recognized as a major potential contributor totechnology, management, know-how and access to new

flows it is also more stable, with a longer-term

world’s highest per capita income and with a sizeableyears old, it has built itself into a global playerin political, economic and security issues. Sincea modern country with a high standard of living.

Gulf’s most liberal with no foreign debt, and is widely

developed commercial, legal, financial and educationalsophisticated infrastructure, such as airports, ports and

investment environment and boosted foreign investors’

international trade, which makes it a natural gateway intoBahrain, Kuwait and Oman. The attractive investment

unprecedented length of time, demonstrates howcommercial cooperation.

Continuation..

UAE see the flow of foreign investment continuingwork to ensure that the UAE remains the region’sinvestment. The UAE is committed to maintainingas actively seeking to develop economic projectstaking place in the world. Initiatives such as improvedpublic investment project expansion measures willgrowth of the country, although the current economicgrowth of the country, although the current economicwork hand in hand to multiply our efforts, as weeconomic challenges.

Although the volume of investment might contractbusinesses, the UAE government launches initiativesenvironment, not only to attract strategic foreignexisting business community, and provide a stable


continuing in the years to come and will continue toregion’s most attractive destination for foreign

maintaining its policy of economic openness, as wellprojects that are in harmony with the changes

improved credit and loan provision, and majorwill continue to build the positive economic

economic environment means that that we musteconomic environment means that that we mustwe rise to meet both today and tomorrow’s

contract as a result of the restructuring of globalinitiatives and incentives to boost its investment

foreign investments but also to add value to thestable and attractive business environment.

The United Arab Emirates is a federation of sevenlocal governments. UAE does not have any enforced federal incomebusiness. An income tax decree has been enacted by each Emirate, but in practice, the enforcement of these decrees is restricted to foreign banks

VALUE ADDED TAX

It was announced that a VAT will be applied in the

UAE TAX SYSTEM

It was announced that a VAT will be applied in thehealth, education, bicycles and social services would be exempt from VAT. The implementation date is set on January 1, 2018.

OTHER TAXES

• Municipal taxes are levied in most Emirates on annual rental paid at 5% for residential premises and 10% for commercial premises.

• Other local taxes include a 5% tax on hotel services and entertainment.

Source: Wikipedia


is a federation of seven emirates, with autonomous emirate and local governments. UAE does not have any enforced federal income tax legislation for general

decree has been enacted by each Emirate, but in practice, the foreign banks and to oil companies

It was announced that a VAT will be applied in the UAE at a rate of 5%, 100 food items,

UAE TAX SYSTEM

It was announced that a VAT will be applied in the UAE at a rate of 5%, 100 food items, health, education, bicycles and social services would be exempt from VAT. The implementation date is set on January 1, 2018.[1]

Municipal taxes are levied in most Emirates on annual rental paid at 5% for residential

Other local taxes include a 5% tax on hotel services and entertainment.

Source: Wikipedia

• Banks in the United Arab Emirates have started issuing an advisory to

their foreign customers about implementation of a new global

transparency policy that requires their tax details in their own country in

a move to fight cross-border tax evasion and put an end to banking

secrecy in tax matters.

• It said the new regulation is part of the common reporting standard (CRS), also

Continuation

UAE Banks to collect foreigners tax

Continuation


• It said the new regulation is part of the common reporting standard (CRS), also referred to as the global Fatca, which stands for Fore-ign Account Tax Compliance Act in the United States.

• “Countries around the world have been looking for ways to track down and monitor tax-delinquent residents overseas. Offshore tax abuse is reportedly costing Ame-ri-ca alone $100 billion a year,” said one of the media reports. “The CRS aims to foster an exchange of information between countries regarding expatriate or individual bank accounts, interest, dividends or incomes earned outside their home country.”

• In compliance with the global tax compliance regulation, financial institutions in the UAE will start collecting the necessary taxcustomers from January 1, 2018.

“

Banks in the United Arab Emirates have started issuing an advisory to

their foreign customers about implementation of a new global

transparency policy that requires their tax details in their own country in

border tax evasion and put an end to banking

It said the new regulation is part of the common reporting standard (CRS), also

Continuation..


Continuation..


It said the new regulation is part of the common reporting standard (CRS), also referred to as the global Fatca, which stands for Fore-ign Account Tax Compliance Act in the United States.

“Countries around the world have been looking for ways to track down and delinquent residents overseas. Offshore tax abuse is reportedly

costing Ame-ri-ca alone $100 billion a year,” said one of the media reports. “The CRS aims to foster an exchange of information between countries regarding expatriate or individual bank accounts, interest, dividends or incomes

In compliance with the global tax compliance regulation, financial institutions in the UAE will start collecting the necessary tax-related information from

Continuation..Continuation..

“From the beginning of January 2017,and other financial institutions to ask customersdetermining where they are resident forbank operating in Dubai in its letter to its

Bank is committed to protecting thefinancial crime of all types and will fullyfinancial crime of all types and will fullyfrom the beginning of 2017 onwards,customers to collect information related

• Countries currently participating inBer-mu-da, British Virgin Islands, CaymanFrance, Germany, Greece, Guernsey,Luxem-bourg, Malta, Mexi-co, Neth-er-lands,Korea, Spain, Sweden, Uni-ted Kingdom,Brunei, Darus-salam, Cana--da, Chile,Indo-nesia, Israel, Japan, Macau, Malay-sia,Pan-a-ma, Qatar, Russia, Saudi Arabia,and Uruguay.

governments will start requiring all bankscustomers for infor-mation with a view tofor tax purposes,” said the largest foreignits customers”.

integrity of tax systems and preventingfully comply with these new laws. Therefore,fully comply with these new laws. Therefore,

onwards, we will be contacting some of ourrelated to their tax status.”

in CRS include Argentina, Belgium,Cayman Islands, the Czech Republic,India, Ire-land, Isle of Man, Italy, Jer-sey,

Neth-er-lands, Po--land, South Africa, SouthKingdom, Australia, Bahamas, Bah-rain, Brazil,

Chile, China, The Cook Islands, Hong Kong,Malay-sia, Mauritius, Monaco, New Zealand,

Arabia, Singa-pore, Switzer-land, Turkey, UAE

UNITED ARAB EMIRATES ECONOMIC OUTLOOK

The UAE’s economy strengthenedand has started the current year onimproving economic conditions in theexports, with the country’s PMI risingonwards. However, growth over lasthave disappointed, due in part tonon-oil sector was subdued, as thefirms’ competitiveness and dentedsuppressed domestic demand. Looking2020 plans to award USD 3 billionyear, which should provide a boost

UNITED ARAB EMIRATES ECONOMIC OUTLOOK

strengthened in the last few months of 2016on a positive note, underpinned bythe non-oil sector and an uptick in

rising uninterruptedly from Octoberlast year as a whole is likely tolower oil prices. In addition, thethe strength of the dirham hurt

dented tourism, while fiscal austerityLooking ahead, Dubai’s World Expo

billion of construction contracts thisto the economy.

Population in the United Arab Emirates is expected to be 9.21 Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the longterm, the United Arab Emirates Population is projected to trend around 10.40 Million in 2020, according to our econometric models.

United Arab Emirates Population

Population in the United Arab Emirates is expected to be 9.21 Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United Arab Emirates Population is projected to trend around 10.40 Million in 2020,

United Arab Emirates Population Forecast 2016-2020

Continuation…

Overview

Market

Continuation…

Business

Continuation…

Abu Dhabi Investment


Investment

About Abu Dhabi

Abu Dhabi is the capital and the second largestterms of population and the largest of the sevenEmirates. Abu Dhabi stretches on the eastern coastArabian Gulf, on a surface of 64,340 square km,surface.

Abu Dhabi is the wealthiest region of the UAE

With its rapidly growing and increasingly diverseWith its rapidly growing and increasingly diverseforeign investment incentives, the time has neverfor business expansion. With worldwide investmentsthe economy of Abu Dhabi has never been strongerinvestment strategy looks set to continue progress

In terms of GDP and per capita income, Abu DhabiIn 2010, the GDP per capita reached $49,600, rankingover $1 trillion is invested worldwide by Abu Dhabidiversifying the economic plans of the country.


largest city of the United Arab Emirates inseven member emirates of the United Arab

coast of the UAE, by the waters of theconstituting 80% of the country's total

diverse economy, modern infrastructure, anddiverse economy, modern infrastructure, andnever been better to look toward Abu Dhabi

investments passing the $1 trillion-dollar mark,stronger and the government's long-term

progress.

Dhabi is the wealthiest region of the UAE.ranking ninth in the world. At present,

Dhabi. The government has recently been

Over the past number of years Abu Dhabi hasattract investments in booming sectors. At present,direct investment are oil and gas field machineryequipment, telecoms and franchising.

Abu Dhabi is keen to move its economy awaythe renewable energy sector.

By the year 2030 Abu Dhabi aims to boost itsdevelopment strategy focused on attracting


development strategy focused on attractingprivate sector. This strategy, known as the Abusignificant opportunities for citizens of the UAE,highly skilled, knowledge-based or export-oriented

Playing a lead role in achieving the goals set out by the Abu Dhabi Economic Vision 2030 is the Department of Economic Development (DED). This department's aim is to transform Abu Dhabi's economy from oil based to knowledgeinvestment and encouraging the country's private sector to take the lead as the primary driving force behind the economy.


has developed into an industrial city in order topresent, the leading sectors attracting foreign

machinery and services, power and water, IT, medical

from oil and gas-related industry and towards

its economy to nearly $400 billion as part of aforeign capital and expanding the region'sforeign capital and expanding the region's

Abu Dhabi Economic Vision 2030, will createUAE, particularly those with qualifications in

oriented fields

Playing a lead role in achieving the goals set out by the Abu Dhabi Economic Vision 2030 is the Department of Economic Development (DED). This department's aim is to transform Abu Dhabi's economy from oil based to knowledge-based by attracting foreign direct investment and encouraging the country's private sector to take the lead as the primary

Dubai Investment


Investment

Dubai is a new centre for innovation

The Mohammed Bin Rashid Centreestablished to stimulate and enrich thegovernment sector through the developmentframework. The goal is for innovationthe UAE government in line with theBin Rashid AlMaktoum, UAE Vice President,Dubai, which aims to develop governmentDubai, which aims to develop governmentUAE’s competitiveness, making thegovernments around the world.

Innovative ideas make a real differenceMohammed Bin Rashid Centre for Governmentworld-class, multifunctional space forinnovation locally, regionally, and internationally


Dubai is a new centre for innovation

Centre for Government Innovation wasthe culture of innovation within the

development of an integrated innovationto become one of the key pillars ofvision of H.H. Sheikh Mohammed

President, Prime Minister and Ruler ofgovernment operations and enhance thegovernment operations and enhance the

UAE one of the most innovative

difference in government work, and theGovernment Innovation provides afor testing, creating and spurring

internationally.

Dubai is one of the seven Emirates comprising theUAE came into being as an independent foreign stateyears of close relations with Britain which wereagreements.

Today, Dubai has emerged as a cosmopolitan metropolisa global city and a business and cultural hub ofregion. Although Dubai's economy was historicallyWestern-style model of business drives its economyfrom tourism, real estate, and financial services.

Dubai has recently attracted world attention throughprojects and sports events. The city has become

Welcome to Dubai

projects and sports events. The city has becomebuildings, such as the world's tallest Burj Khalifa,projects including man-made islands, hotels, andregion and the world.

This increased attention has also highlighted laborcity's largely South Asian paid workforce.[12] Dubai'sdeterioration in 2008–2009 as a result of thethe financial crisis of 2007-2008.

However, Dubai has made a steady and gradual recoveryemirates. The handful of new projects that are inreal estate make a comeback.


the United Arab Emirates (the “UAE”). Thestate on 2 December 1971 following many

were effected through a series of diplomatic

metropolis that has grown steadily to becomeof the Middle East and the Persian Gulf

historically built on the oil industry, the emirate'seconomy with the main revenues now coming

through many innovative large constructionsymbolic for its skyscrapers and high-risesymbolic for its skyscrapers and high-rise

Khalifa, in addition to ambitious developmentsome of the largest shopping malls in the

labor and human rights issues concerning theDubai's property market experienced a major

worldwide economic downturn following

recovery with help coming from neighboringthe pipeline have been able to help Dubai

Dubai has recently attracted world attentionprojects and sports events. The city has becomerise buildings, such as the world's tallestdevelopment projects including man-madelargest shopping malls in the region and the world

This increased attention has also highlighted


This increased attention has also highlightedthe city's largely South Asian paid workforcemajor deterioration in 2008–2009 as a resultfollowing the financial crisis of 2007-2008.

However, Dubai has made a steady andneighboring emirates. The handful of new projectsable to help Dubai real estate make a comeback

through many innovative large constructionbecome symbolic for its skyscrapers and high-

tallest Burj Khalifa, in addition to ambitiousmade islands, hotels, and some of the

world.

highlighted labor and human rights issues concerning


highlighted labor and human rights issues concerningworkforce.[12] Dubai's property market experienced a

result of the worldwide economic downturn

and gradual recovery with help coming fromprojects that are in the pipeline have been

comeback.

UAE Free Zones

UAE Free

UAE Free Zones

UAE Free Zones

FREE ZONESFREE ZONES

Uae Free Zones has always beenbusinessmen in making a reality ofmost talked about business freedom

Free zones in the United ArabFree zones in the United Arabforeign ownership and haveguaranteed for 15 or 50 years.definite requirements regardingwarehouse space, and permitted


FREE ZONESFREE ZONES

been eager to assist investors andof their goal of experiencing the

freedom in the UAE Free zones.

Arab Emirates allows 100%Arab Emirates allows 100%have no taxes - usually

. Each free zone has its ownregarding minimum office or

permitted activities.

Dubai Freezones

Dubai Airport Freezone

Dubai Silicon Oasis

Jebel Ali Free Zone

Dubai Multi Commodities

Abu Dhabi Freezones

Masdar City

Abu Dhabi Ports Company

Abu Dhabi Airport Free Zone

UAE List Free zones


Center

Dubai Internet City

Dubai Media City

Dubai Studio City

Dubai Academic City

Dubai Knowledge Village

Abu Dhabi Airport Free Zone

Khalifa Industrial Zone

ZonesCorp

twofour54


Dubai Freezones

Dubai Airport Freezone

Dubai Silicon Oasis

Jebel Ali Free Zone


Dubai Freezones

Dubai Outsource ZoneEnparkIntl Media Production ZoneDubai Biotech Research Dubai Multi Commodities

Dubai Internet City

Dubai Media City

Dubai Studio City

Dubai Academic City

Dubai Knowledge Village

Dubai Biotech Research ParkDubai Auto ZoneGold and Diamond ParkDubai Healthcare CityDubai Intl Financial CentreDubai Logistics CityDubai Maritime CityDubai Flower CentreIntl Humanitarian City

Sharjah Freezone

Sharjah Airport Free Zone

Hamriyah Free Zone

Raz Al Khaimah Freezone Trade Zone

Continuation..

Umm Al Quwain Freezone

Ahmed Bin Rashid FZ

RAK Investment Authority

RAK Free Zone

RAK Maritime City


Sharjah Airport Free Zone

Hamriyah Free ZoneAjman Freezone

Ajman Free Zone Authority

Umm Al Quwain Freezone

Fujairah Freezone

Fujairah Free Zone

Fujairah Creative City

COST FOR COMPANY SET UP Dubai & Northern Emirates

COST FOR COMPANY SET UP Dubai & Northern Emirates


COST FOR COMPANY SET UP COST FOR COMPANY SET UP

Continuation..


Vision 2030

Abu Dhabi - Abu Dhabi focusing on growth strategy

When the global financial crisis and the wave of unrest sweptwent back to the drawing board to reconsider all their assumptionsbattered - global and regional economic landscape is likelyfive-year financial plan, spanning from this year to 2017,priorities to keep it in line with Vision 2030.

The new plan, said Sheikh Hazza bin Zayed, National SecurityCouncil, in a rare on-the-record interview with the Oxford Businessin eight key sectors: cultural tourism, aviation, manufacturing,renewable energy.


It comes as the capital reaches the end of its first rolling plan,year bull run in oil markets that, for a while, showed few signstouch paper on a global crisis, sending oil prices tumbling, andhad to be revisited.Prices have since rebounded but the shock served as a reminderregion's fortunes. The Arab Spring that rocked several regionalway.

The result has been a change of short-term priorities to "accommodatesaid. The emirate's long-term strategy for diversifying awayfive-year plans form part of, "remained unchanged", he said.

Abu Dhabi focusing on growth strategy

swept several Middle East countries, Abu Dhabi's senior strategistsassumptions and development plans.The changed - and more

likely to be reflected in the emirate's soon-to-be published secondwhich seeks to set out the emirate's short-term development

Security Advisor and Vice-chairman of the Abu Dhabi ExecutiveBusiness Group, is focused on a drive for economic diversification

manufacturing, media, health care, petrochemical, financial services and

plan, 2008-2013, a blueprint put together on the back of a five-yearsigns of softening. But after the US credit crunch in 2008 lit theand freezing credit markets, many assumptions and projections

reminder of the fragility of the global economy and, with it, theregional countries further focused officials' attention in a different

"accommodate the changing realities on the ground," Sheikh Hazzafrom oil remains intact. The Abu Dhabi Vision 2030, which the

.Instead, the path to achieving that goal has been redrawn.

Dubai vision: A global driverless

Al Tayer outlines Mohammad Bin Rashid’s vision to transformtransport

Dubai: Imagine this: A city where driverless vehicles, mini-buseswith minimum disruption.Elements of these are already in placedriverless, and so is the Phase II of Dubai Tram, which includesTo this end, Dubai 's Roads and Transport Authority (RTA) has


To this end, Dubai 's Roads and Transport Authority (RTA) hasdriverless express shuttle buses and taxis.

Mattar Al Tayer, Director General and Chairman of the Board(RTA), outlined the elements of Dubai's vision to lead the"Autonomous mobility — Global Challenges and future prospects"2017 on Monday.

"The Autonomous Mobility had become a fait accompli andtechnology has been tested in several countries including Dubai,"The Government of Dubai is leading the transition to driverlessleading position worldwide in Autonomous Mobility by 2030private sector that leads the process.

driverless mobility leader by 2030

transform Dubai to become a world leader in driverless

buses and boats move people around — on time andplace in Dubai. For example, the Dubai Metro is fully

includes fully driverless tramshas also commissioned a study on the deployment ofhas also commissioned a study on the deployment of

Board of Directors of Roads and Transport Authoritythe world in driverless mobility in a talk entitled

prospects" at the World Government Summit in Dubai

and a continuously evolving," said Al Tayer. "hisDubai, Singapore, the United States and Britain.

driverless mobility in Dubai and is planning to take a2030, whereas in other cities and countries, it is the

• The commercially available technologies nowdriverless vehicle is available for limited periodsthe driver’s intervention under certain conditions

• The current researches and studies fallcompanies are currently testing driverless vehiclesGovernments around the world have spentresearches related to driverless vehicles.

• This amount does not include the amounts


• This amount does not include the amountsthese investments have been allocated toparts of the world including Singapore, California,

• In Michigan, an integrated city has beenMobility researches called ‘M City.’

• This city is fitted with full infrastructure includingand spans an area of 130,000 square metersallow for conducting test runs in variousinteraction with other vehicles and meansestablished to ensure the viability of this technologystandards.”

now fall within Level 3 approximately where aperiods in normal circumstances and requires

conditions.

between Level 4 and Level 5, where somevehicles on pre-defined or non-defined routes.

spent more than US$600 million to support

amounts disbursed by private companies. Some ofamounts disbursed by private companies. Some ofto establish test & research centers in several

California, Michigan, Taiwan and Sweden.

been established and dedicated to Autonomous

including intersections, traffic lights and buildings,meters. This city, along with other similar ones,

various scenarios including weather conditions andof transportation. In addition, labs have been

technology to achieve traffic safety and security

Dubai Expo 2020

• UAE selected the theme "Connecting Minds, Creating the Future", subMobility and Opportunity

• "In today’s highly interconnected world, a renewed vision of progress and development based on shared purpose and commitment is key. While a married human mind, an individual country, or a specific community is both unique and remarkable, it is by working collaboratively that we truly


specific community is both unique and remarkable, it is by working collaboratively that we truly advance." Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum

• The World Expo in Dubai in 2020 will be the first to be held in theAfrica & South Asia) region.

• The 2020 World Expo will not be confined to a physical site, or to a six month period of time. It begins now, wherever people are coming together to think about what could be. Expo will provide a platform to foster creativity, innovation and partnership globally. We aim to work with others to accelerate the development of cutting-edge solutions, and scale them up so that they have a reach and value that stretches far beyond the event itself.

• Dubai’s Expo will be a festival of human ingenuity. The engines of growth are no longer steampowered. Instead, collaboration and partnership have taken its place, becoming the driving force behind new developments. Expo will showcase and explore what is possible when new ideas and people connect.

UAE selected the theme "Connecting Minds, Creating the Future", sub-themes being Sustainability,

"In today’s highly interconnected world, a renewed vision of progress and development based on shared purpose and commitment is key. While a married human mind, an individual country, or a specific community is both unique and remarkable, it is by working collaboratively that we truly specific community is both unique and remarkable, it is by working collaboratively that we truly

Sheikh Mohammed bin Rashid Al Maktoum said in support of the bid.

The World Expo in Dubai in 2020 will be the first to be held in the MENA & SA (Middle East and North

The 2020 World Expo will not be confined to a physical site, or to a six month period of time. It begins now, wherever people are coming together to think about what could be. Expo will provide a platform to foster creativity, innovation and partnership globally. We aim to work with others to accelerate the

edge solutions, and scale them up so that they have a reach and value that

Dubai’s Expo will be a festival of human ingenuity. The engines of growth are no longer steam-powered. Instead, collaboration and partnership have taken its place, becoming the driving force behind new developments. Expo will showcase and explore what is possible when new ideas and

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Doing Business in UAE - Accounting Services Firm in Dubai | … · · 2017-02-25Continuation.. “FromthebeginningofJanuary2017, andotherfinancialinstitutionstoask customers determiningwheretheyareresident